. >>> overall a strong week for earnings season in corporate america in fact. 11 dow components reporting, most beating expectations. ibm, coca-cola and microsoft among them. travelers corps and verizon, however missed analysts' expectations. >>> it also kept the markets at a steady pace all week with limited volatility. general motelors announced it is repaying $5.8 billion in loans to the u.s. and canadian governments five years ahead of schedule. the remainder of the $49 billion loaned to gm was converted to stock still held by the government. while corporate earnings seem to point to a more robust economy the debate over financial reform is heating up in washington and wall street. how will the changes impact the strength of the economic recovery. edmund phelps the 2006 nobel prize winner and director of columbia university's capitalism in society. it is wonderful to have you on the program. good to be here. >> so this week the president goes down to new york, sells his agenda, tries to sell the agenda for increased financial regulation, putting the blame on the crisis on failure to t